tv Bulls Bears FOX News December 10, 2016 7:00am-7:31am PST
stocks keep rocking. the markets hit new lifetime highs after donald trump's victory as some democrats bash the president-elect for appointing pro business anti-regulation cabinet members. some here saying that's exactly why the markets are booming now and the economy will be booming soon. hi everybody. in for brenda butner, this is bull i "bulls & bears." joining us, our panel, welcome to everybody. john, you say the markets are telling us that trump's cabinet picks will help him slash regulations and spark a booming
economy. >> that's certainly what the market believes. there's no other way to explain this. look, we've had sub par 3% gdp for ten straight years, a record for the united states. and the only thing that changed, we've had more of the same under mrs. clinton if she was elected president and brought in her cabinet was donald trump started introducing a business friendly administration and business friendly cabinet, at least perceived that way by wall street. and there's historical precedence for this. calvin coolidge came in, took government out in the 1920s, that's what created the boom. ronald reagan did the exact same thing. and president clinton, who's been given credit for probably mistakenly for creating the internet boom, he was lucky that happened. but what he wasn't lucky about was in 1996 he created small business fairness act, which greatly cut regulation. and that attributed more to president clinton's boom than the internet did. so, yes, i think the market looks at this, looks at history and says we should have a good economy going ahead. >> gary b., get government out of the way, cut some of the
record regulations that the obama administration has put in, unleash hiring, unleash the economy. >> exactly, dagen, you know, regulations i think firmly are the barnacles that are holding this economy back. they keep growing and growing. if you want the greatest job industry, growth industry, it's go to dcnb, a government regulator, because you'll join the other 277,000 people that regulate the economy. agencies like the epa, department of energy, the s.e.c., it's costing our economy $100 billion a year. let me give you two quick examples. you know that fluorescent light brouhaha we're still going through? those government regulations cost us $863 million a year to tell us what lights to have. the department of energy regulates home furnaces, or epa
rather, home furnaces they regulate for crying out loud telling us how to heat our homes, that costs $46 million a year. you start to cut through this stuff you're going to start to see that ship bound up by these barnacles called the economy take off. >> more than 600 regulations, major regulations out of the obama white house, that is a record. it is about $800 billion in costs. about $2,300 for every american. >> no, it's really outrageous the number of regulations that have been harming our economy and harming hard working americans. when you think about the regulations that are unleashed on the fossil fuel industry alone, the thousands and thousands of jobs that have been lost by coal miners because of obama's war on fossil fuels, we're talking about hard working americans who are making great money, not minimum wage, great paying jobs in just that one industry alone for one example, and clearly we need to reduce regulation and unleash our fossil fuel industry to create
more jobs. >> jessica, as we've gotten more and more of these cabinet picks, record after record in the stock market. it's not just big stocks, it's small stocks too. >> well, i don't know that there's a direct correlation between the cabinet picks and the -- i think it's more the idea of what a president trump will be and what it will mean in general for business. because this record of what's been happening with the market started from the minute that he was confirmed as president-elect. and that was before he had made any cabinet picks. so i haven't seen any direct correlations. and i think, yes, there's something to be said certainly for, you know, his wanting to change trade deals, to work on these things. but i think as we see these actually implemented and going forward, we're going to have a fairly rocky market as companies start responding. so far things have been okay with carrier, but what happens when companies are facing, you know, we saw with boeing alone that their price dipped
immediately upon trump saying he was not going to have the contract going forward to build a new air force one. so as these things happen and continue to create uncertainty, companies don't know are they going to be the next target, are they going to be forced to bring their jobs back or is that going to change how they're investing, i think that will be the most interesting tell. >> we've had virtually eight years of lawless making, the epa, jonas, the fact that could disappear is given stocks a lift. >> i think highest stokt return in history. those three presidents just mentioned all ended in crashes of epic proportions. maybe periods of deregulation lead to euphoria takes markets to level so high they ultimately crash. i'm going to say it's a coincidence. regulations in general do not exist to pump stock prices up, okay. they're trying to help lift people up and hopefully the good ones don't destroy companies. if you let waste management just dump everything in the river and ocean like old days, it would help their stock price, right?
doesn't mean it's good to get rid of that regulation that prevents you from putting paint in the rivers. >> you've had regulators overstepping, jonas. these regulations are held up in courts because, well, they look illegal. >> there's a lot of regulations and some are bad. doesn't mean all of them are bad. doesn't mean getting rid of all them was going to be magically good for both people and stocks. again, it's pretty easy to make stock prices go up by getting rid of regulations, that's true. doesn't mean everybody's welfare improves. the good regulations help everybody, even the companies like some regulations if it prevents destroying the environment, if it prevents competition in a bad way, prevents other companies. i'm saying you have to look at each one individually. >> some democrats vk bashing trump for picking wealthy ceos to serve in his cabinet. let's just say he disagrees. listen to this. >> and by the way, some of the people i put onto negotiate,
you've been noticing are some of the most successful people in the world. and one newspaper criticized me, why can't they have people of modest means. because i want people that made a fortune. because now they're negotiating with you. okay. >> yet rich is bad, john. >> yeah. look, if i want to learn how to hit a baseball, i don't want to talk to some professor who's never been in a batter box who's written a theory of baseball and has no practical experience. i want wade bogs to teach me how to hit a baseball. you look at linda mcmahon, i worked for linda, the wwe, linda started a small business on the verge of bankruptcy, mortgaged her own home with vince to create wrestle mania and she created a business that's worth $1.5 billion, a global conglomerate. if you want somebody that's going to be head of the small business administration like linda mcmahon is, that's exactly who i want. not somebody who's written some goofy theory about business that has no practical experience. >> yeah, i want broke failures
as the cabinet picks, gary b. >> well, exactly. if you go back to the constitutional convention, the founding fathers, you go through them, there was a lot of common people, but the bulk of them were very successful, very rich, certainly compared to the common citizen then. george washington was very wealthy at the time. thomas jefferson very wealthy. ben franklin very, very successful, very wealthy, able to retire early. these are the kind of people they were the shining stars of our early democracy. i think what trump is hiring now are the shining stars of this new generation. >> okay, you know what, yes, you want bright successful people. trump might be more influenced by financial success than just being smart. and i will say, look, billionaires like michael bloomberg look out for interests of everybody yet know how to run a business and then there's rich people like the italian like
silvio berl scone and doesn't always make for a good politician. just a billionaire class looking out for their interest is also a flawed system. we saw kings and loyalty running the government. >> there's nobody named sir or prince who's in the cabinet that we know of, jonas. so, thank you. go ahead, jessica. >> i think that's actually an excellent point. i have no problem with it. i think most people have no problem with someone who, you know, has been successful and in the industry or within the business in a positive way who's now going to be coming in and working in a cabinet position. but when you have people that are sort of hand selected because they are wealthy and cronies and someone who for instance is, you know, up for secretary of education who has no actual experience in public education, who hasn't worked in the system, who hasn't gone to public education -- >> except fighting --
>> no, i think that is the concern. >> jessica, i see trump bringing in wealthy individuals who bring a wealth of experience to the table. you need to bring in people who know what they're doing and who know what's going on and how to handle things. >> that's got to be the final word. cavuto in business about 20 minutes from now. >> creating a firestorm, this union boss telling me that he is taking issue with president-elect trump taking credit for saving jobs at carrier. now the president-elect is firing back. plus, liberal lawmakers out west passing a new ceo tax to combat what they say is income inequality. but are they really putting all american jobs and their pay in danger? we'll see you at the bottom of the hour. >> thanks, neil. we can't wait. but up here first, as congress squabbles over another spending bill, did president-elect trump just find where he can cut tens of billions in spending on day one? o) where will you find that perfect holiday gift?
live from america's news headquarters, hello, i'm gregg jarrett. congress narrowly avoiding a government shutdown last night after senate democrats caved on a bill to fund the government through april of next year. that measure passing with less than an hour to go before the midnight deadline. red state democrats were trying to tack on health care benefits for retired coal miners, ultimately that attempt failed. also overnight, white house deploying an additional 200 special forces to help fight isis in syria. defense secretary ash carter says the troops will help train and equip local fighters in the push to retake the militants' de facto capital of raqqah. this latest increase will bring the total number of american troops on the ground in syria to roughly 500. i'm gregg jarrett, now back to "bulls & bears." and for all your headlines be sure to log onto foxnews.com.
congress battling over another spending bill this week as a new report claims pentagon officials buried a study exposing $125 billion of wasteful spending. gary b., you saw this as a great place for our next president to start cutting on day one. >> oh, my gosh, dagen, it would be so easy. like we said in the first block, the greatest government job is a government job, or the greatest job to have is a government job because every department keeps growing. just two quick examples, in 1935 the government started a rural electrify kags service to bring electricity to the heartland. i think after 80 years we've kind of accomplished that but the department lives on at the tune of $9.6 billion a year. we have sugar subsidies, sugar subsidies that put a minimum of
double the average price costs us $1.2 billion a year. just take an axe to these programs and you'd save enough to probably cure the debt in just a few years. >> this report that came out is just indicative of the level of waste in agency after agency, department after department. >> it's deplorable. it's no secret that government wastes money. that's the only thing that government's really good at doing is wasting our hard earned tax dollars. but i hate to see and imagine what the real waste and abuse that is going on across the board in all of the agencies. i think donald trump is assembling a team of experienced people who will help cut the wasteful spending, get our country back on track, reduce the debt, reduce the spending. that's what our country really needs today to turn our economy around. and to get people employed. that is really important. >> yeah, and speaking of employed, jonas, this amount of money $125 billion would employ 50 brigades. >> it's not chump change, i'll
tell you, gary's been on the defense waste more than anybody in the show for a long time. i disagree with how all the departments are the same because ultimately what's going on at the pentagon, what's going on say social security peales in comparison. there's actual infrastructure bureaucracy at the pentagon hiring people, contractors, building planes, listening to presentations, getting shows, there's too many employees there for there not to be massive amounts of waste. a lot of programs are just shuffling money around. there's waste there as well. but don't think across the board it's always been the pentagon, always been the $99 hammers and toilet seats. this story goes back forever and that's where you need someone with business experience to go in and run it like a business and not just this thing no one can touch because they're getting jobs in your district, et cetera, et cetera. >> jessica, a businessman and not a bureaucrat, imagine that? >> well, i mean, that's all well and good, but one of the main premises trump ran on was
reinvesting in defense. and how much our defense has been weakened. and, yes, there is fraud and abuse and waste within government agencies like there are with any large even corporations. these are things that have to be overseen. but to say there's a general all government agencies are bad or don't help us and that all they do is waste is not true. if trump can come in and continue to change things, i mean thrks is now the military industrial complex that's been going on as jonas just said for decades and decades and decades and make some changes. and still get the armor and the cars and helmets that our military who are serving need. >> right. >> and get rid of these other problems, that's the main problem. >> john, it's about reallocation of money. you have a logistics department in defense that's bigger than u.p.s. so, again, it's where do you want to spend that money. >> yeah. you have a logistics department that's 457,000 people, bigger than what you mentioned u.p.s. you have a million people that
support 1.3 million soldiers, but it's not necessarily the pentagon's fault. it's congress' fault. they are the problem. look at the m-1 tank. general odiieieier -- says paus supply chains and these congressional districts, we're still bipd e building tanks. that's not the pentagon's fault. that's crooks in d.c. in our congress that are trying to get re-elected that are doing things to create jobs for no reason. >> thank you, john. thanks to everybody. cashin in just over an hour from now. eric, what do you guys have coming up? >> hi, dagen, our next president taking on more companies. this time boeing over the cost of the new air force one. the media saying it's scaring corporate america, but is that exactly what we need in america? plus, democrat lawmakers demanding trump pay for his own security at his new york residence. so why didn't they complain about the security at the vice president joe biden's private home? cashin in, see you at 11:30.
and now congress is authoring $300 million to help the refugee crisis with one major caveat, that money cannot be used to bring refugees to the united states. deneen, is this a good way to help them over there while protecting us here? >> listen, we have a refugee crisis on hand, but we also have a national security crisis here in our country. i say americans should be taken care of first and foremost. >> john. >> yes. look, we're talking about flying 10,000 refugees over here. the money well spent when you're talking about actually helping people. instead of going over there and getting them here and vetting them, it's taking that money we can help a multiple of that number. there's about 11 million to 12 million displaced homeless in syria and helping with refugee camps and migration into other parts of europe, we'll help so many more people and so much more economical beneficial. >> gary b. >> i think it's flushing $300 million down the toilet. if we don't want terrorists to come, let's use the money to strengthen our borders, to
strengthen our intelligence. normally with these things basically what you're doing is flying over syria with bucket loads of money, letting it drop and go, boy, i hope that plan works out. that's the cost benefit analysis, i'm betting the state department goes through this. it's a complete waste of money in my opinion. >> but, jessica, we are a benevolent society. we're a benevolent nation and that's why we do this. >> well, we have responsibility on a global level we are the leaders of the world. and we do outreach programs. we have since even after world war i, world war ii, we particularly help refugees in war torn area conflicts that we are involved in as well. the thing is that sadly i think this is another one of those instances where this money would have been spent anyway, they just put in this language to say, oh, it's not going to bring these refugees over. but that was never the original intention of the money. i don't think this is where the money was going. it's sort of one of those things congress does to make it look like they're doing something that they're not. >> if you have an existential
threat like hitler taking over, you have to take in refugees, certainly more than we did in world war ii, but if you're looking for the bang for your most buck, not what feels better for your people, dollars will do better helping people in these regions. >> thanks to you all for joining us today. if you're busting your holiday spending budget, you're not alone. more americans say they're doing it. now get the gift to help pay for all those gifts, and then some.
>> jonas. >> shoppers say they're going to spend more money than last year which means no coal in stockings and unfortunately no gold because trump rooted the gold bubble. up 30% in a year. >> i'll take some gold though. neil is now. well, it's the interview that appears to be creating a fire dlmz storm and you saw it first on fox business network. >> so not the 1,100 that donald trump mentioned, you say it's more like 800 in total? >> it's 800. that's what the figure is. donald trump and governor pence are taking credit for 350 jobs that are research and development jobs that were staying here in indianapolis from the start. >> all right. that was carrier union boss chuck jones claiming that president-elect trump is taking credit for saving jobs at carrier that were never leaving in the first place. then donald trump firing back telling jones he ought